Digital wealth management fintech Raisin has today announced that it has brought its customer services under one roof, following its acquisition of MHB Bank (now Raisin Bank) just over a year ago.
Until now, Raisin’s customers across Europe opened a service account with Belgium-based Keytrade Bank when signing up with Raisin and then transferring funds into the Raisin marketplace.
As of today, all of Raisin’s European customers have been transferred to Frankfurt-based Raisin Bank.
Dr. Tamaz Georgadze, co-founder and CEO of Raisin, told AltFi: “The consolidation of infrastructure brings a lot of value to us, but also the users of our platform.”
“So, when talking about the European Eurozone, there’s only one contract for both banks and consumers. There’s no third-party bank involved. It makes interaction and cross-border business simpler for both banks and consumers,” he added.
The move means that Raisin’s European customers are offered a uniform service across the continent, stepping even closer to developing a European single financial market.
Katharina Lüth, vice president of Raisin Europe said: “Going forward, our customers – as well as our partner banks and other business partners – will receive all their services consistently and from a single source.”
Raisin’s UK customers won’t benefit from the consolidation, rather the fintech continues to partner with Starling Bank to provide customers’ holding accounts.
In more EU-based news, earlier this week some of Europe’s most prominent fintechs joined forces to create a European Fintech Association (EFA), with Raisin being a founding member and its Chief Counsel, Marc Roberts, leading EFA’s board.
Other fintechs that founded the EFA include Funding Circle, Moneyfarm, N26 and TransferWise.
Alongside pursuing the creation of a European single financial market, Raisin has also pursued expansion across the pond, recently launching its first US product following a string of strategic investments.
To date, Raisin has placed €23.5bn in deposits from more than 265,000 customers across 28 European countries and 94 partner banks.